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EUR/CHF sinks to lows near 1.0940

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 8, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    EUR/CHF has faded yesterday’s spike to the area of 1.0980, now testing session lows in the 1.0945/40 band.

    EUR/CHF well supported near 1.0800

    The cross is posting gains for the first time after three consecutives advances so far, somewhat supported by a re-emergence of the demand for the safe haven CHF ahead of the critical ECB meeting due on Thursday.

    Data wise in Switzerland, the jobless rate has ticked lower to a non-seasonally adjusted 3.7% during February, while key inflation figures during the same period are due later. In the euro area, GDP figures will be in the limelight (0.3% QoQ exp.).

    EUR/CHF significant levels

    As of writing the cross is losing 0.19% at 1.0942 facing the next support at 1.0899 (100-day sma) followed by 1.0857 (low Feb.24) and finally 1.0804 (2016 low Feb.29). On the other hand, a breakout of 1.1008 (50% Fibo of 1.1211-1.0804) would open the door to 1.1070 (high Feb.17) and then 1.1211 (2016 high Feb.4).
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